In A Bold Move, Saudis Raise Crude Prices For Asia

Saudi Arabia’s Aramco said yesterday that it will raise the
October price of its Arab Light crude oil blend for Asian clients
by US$0.55 a barrel to a premium of US$0.30 to the Oman/Dubai
average. The increase signals growing demand for Saudi crude and
improved refining margins in Asia thanks to the supply disruptions
in the Gulf of Mexico that Hurricane Harvey caused. The average
profit margin for a refinery in Singapore, Reuters’ Clyde Russell
noted in a recent column, hit US$10.21 a barrel in the wake of
Harvey. Aramco is certainly…

Saudi Arabia’s Aramco said yesterday that it will raise the
October price of its Arab Light crude oil blend for Asian clients
by US$0.55 a barrel to a premium of US$0.30 to the Oman/Dubai
average. The increase signals growing demand for Saudi crude and
improved refining margins in Asia thanks to the supply disruptions
in the Gulf of Mexico that Hurricane Harvey caused. The average
profit margin for a refinery in Singapore, Reuters’ Clyde Russell
noted in a recent column, hit US$10.21 a barrel in the wake of
Harvey. Aramco is certainly…